New Funding to Address Physician Wellness

"MD Financial Management Inc. (MD), in collaboration with Scotiabank and the Canadian Medical Association (CMA), is proud to announce support for an initial grouping of specialty societies to target the pressing issue of professional burnout among Canadian physicians. Investment will support the health and wellness of Canadian physicians across the country."

Physician health and wellness are critical to the long-term sustainability of the physician workforce and the health system at large, yet it is well documented that stress and burnout are escalating issues within the Canadian medical community. MD, CMA and Scotiabank are proud to work with the physician community, including specialty societies, provincial territorial medical associations, CMA affiliates and other key collaborators to address this issue and to support the medical profession.

“As the only national financial services firm exclusively dedicated to the financial well-being of Canada’s physicians and their families, we’re invested in physicians and the issues most important to them,” said Brian Peters, President and CEO of MD Financial Management. “That includes health and wellness initiatives that support a vibrant medical profession.”

The $625,000 funding, to be distributed over three years, is the latest in a series of $115 million contributions Scotiabank is making to Canada’s medical profession as part of its 10-year affinity agreement with the Canadian Medical Association. Additional announcements for the physician community are forthcoming, recognizing that such collaborations are essential to support the profession and effect meaningful change.

The funds will provide much-needed support for research, advocacy, education and training at the following seven national specialty societies:

Canadian Association of Emergency Physicians

Canadian Association of General Surgeons

Canadian Association of Pathologists

Canadian Association of Radiologists

Canadian Ophthalmological Society

Canadian Paediatric Society

The Society of Obstetricians and Gynaecologists of Canada

Physicians face unique circumstances that contribute to high rates of burnout, which can manifest in depersonalization and exhaustion and lead to self-doubt and loss of motivation. A recent survey of Canadian physicians found 30% were experiencing burnout. It also found that physicians’ overall mental health can be linked to their area of practice. Emergency physicians, for example, are three times more likely to report burnout than physicians in other specialties; physicians in surgical specialties are nearly twice as likely to report burnout than those in other practice areas; and radiologists experience high rates of emotional exhaustion and depersonalization.

“The health and well-being of Canadian physicians is critical to the health of this country as a whole,” said Glen Gowland, Executive Vice President and Head of Global Wealth Management at Scotiabank. “Scotiabank is proud to invest in national programs that will have a positive impact on the lives of physicians and the communities they serve.”

"Physician burnout is a chronic and urgent problem in Canada, where a significant number of medical professionals endure stress and exhaustion amidst an often overwhelmingly difficult work environment," said Dr. Rodrick Lim, Chair, Canadian Association of Emergency Physicians Wellness Committee. "It’s an important and sensitive issue that deserves investments like this one, so that novel, targeted wellness initiatives can be developed to support physicians and their ongoing ability to provide high-level patient care."